Gold Trading in Dubai : How To Import Gold in Dubai?
Volume of gold traded in Dubai has been growing at a rate of 13 percent year on year. It also represents a way to overcome any weakness in the US economy since the dirham is pegged to USD.
Hence gold is often seen as a safe haven compared to fiat currency.
Dubai has been the worlds highest exporter of gold and hence you can see that gold trading business is a lucrative one with many key players operating from here.
The Dubai gold souk used to be the main hub and location for businesses during the old days but now investors have many options and more high tech and secure location to conduct their businesses from.
As with any startup you would have to be suitably licensed for the import and export of gold.
For this we can go with the Mainland option, popular for retail outlets and also if you are mainly into wholesale the Dubai Multi Commodity Centre – DMCC free zone will be the ideal location.
DMCC accounts for the bulk of the business of gold trade in Dubai, it is also home to the Dubai Gold and Commodities exchange (DGCX), a huge network of wholesalers and gold refineries.
Gold being a high value commodity also needs a secure form of storage, DMCC houses a high security vault managed by Brinks to store your precious metals.
Trading in precious commodity like gold is regulated by the Security Industry regulatory agency (SIRA).
Meaning this is part of the preapproval stage before the trade license as the registered address of the business must be approved by SIRA and they will be the ones to mandate any modification like security camera, burglar alarms to be done.
This of course also depends on the business model and how they will be operating.
Once you have your license issued by DMCC or the Department of Economic Development (DED), you can start trading in gold.
Trading in gold is not just limited to holding physical gold, there are other options like CFD, Futures where physical gold is not actually handled or taken possession of, rather the transactions take place electronically and only profits or losses are reflected in the trading account.
For all your queries on Gold Trading Business in Dubai log on to www.pmcsolutions.me